g Merchant Company purchased property for a building site. The costs associated with the property were: Purchase price $ 195,000 Real estate commissions 17,000 Legal fees 2,800 Expenses of clearing the land 4,000 Expenses to remove old building 3,000 What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building

In 2015, lori assigned a paid-up whole life insurance policy to an irrevocable life insurance trust (ilit) for the benefit of her three children. the ilit contained a crummey provision for the benefit of each child. at the time of the transfer, the whole life insurance policy was valued at $200,000, and since lori had not made any other taxable gifts during her lifetime, she did not owe any gift tax. lori died in 2016, and the face value of the whole life insurance policy of $2,000,000 was paid to the ilit. regarding this transfer, how much is included in lori’s gross estate at her death?